https://www.taxtmi.com/caselaws?id=277584 For acquisition of a public utility undertaking, capitalisation of net income was treated as a relevant valuation principle because the undertaking had to be valued as a going concern and not by isolating individual assets. The five-year period immediately preceding takeover was upheld as a fair basis for computing average net income, and the multiplier of eight was not invalid because the choice of multiplier depended on relevant commercial and financial circumstances. A compensation scheme payable in bonds could be constitutionally acceptable if its present value reasonably approximated the determined compensation, and the severability point prevented wider invalidation on the bond-interest objection. en-us Tue, 12 Sep 1978 00:00:00 +0530 Wed, 12 Dec 2018 16:43:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277584 For acquisition of a public utility undertaking, capitalisation of net income was treated as a relevant valuation principle because the undertaking had to be valued as a going concern and not by isolating individual assets. The five-year period immediately preceding takeover was upheld as a fair basis for computing average net income, and the multiplier of eight was not invalid because the choice of multiplier depended on relevant commercial and financial circumstances. A compensation scheme payable in bonds could be constitutionally acceptable if its present value reasonably approximated the determined compensation, and the severability point prevented wider invalidation on the bond-interest objection. Case-Laws Indian Laws Tue, 12 Sep 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277584